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Blogs, Income Tax Help

Yesssss!Your boss has finally given you a break, and you know just the perfect place to spend your holiday. You look up the ticket prices… but, even the cheapest flight is very expensive.It’s time to stop looking at the fares because you can actually save tax while on a holiday. Want to know how? By claiming you Leave Travel Allowance (LTA).What is Leave Travel Allowance (LTA)/Leave Travel Concession (LTC)?When it comes to saving tax, Leave Travel Allowance/Leave Travel Concession is one of the best friends that an employee can have.SEE DETAILS

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pay income tax online
Income Tax e-Filing, Income Tax Help

Want to pay income tax before the last date to avoid penalty? Here’s is a step-by-step guide for online income tax payment using government’s website:Step 1:Click on Link: https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp       Step 2:Under applicable challan, Click on Challan no./ ITNS 280 – Payment of Income tax / Corporate taxStep3:: Fill in your details in the Income Tax Challan-If you are an individual , select (0021)INCOME-TAX (OTHER THAN COMPANIES) under tax applicable.Fill in your PAN No. and Assessment Year (A.Y.) correctly . A.Y. is the next year to financial year(F.Y.) –          SEE DETAILS

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Blogs, Income Tax Help

With the approaching new year, the Human Resource Department of your company is all set to roll up their sleeves and email you asking you to submit proofs of your Income Tax Declarations. Submitting proofs for income tax declarations can be a tough time for any salaried person. But don’t worry, our expert CAs have compiled a list of documents that you’d be required to submit to your HR when they ask you for income tax declaration proofs.Deduction under section:Deduction for:Investment proof to be submittedMaximum Limit of Deduction80CLife InsuranceLife insuranceSEE DETAILS

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Blogs, Income Tax Help

Gone are the days when at the due dates of paying taxes, you had to stand in queues at banks and wait for your turn to deposit the tax or physical challans. With the development of technology and introduction of e-payment facility, you can easily pay tax from any place at any time by using the internet banking facility of the authorized banks.Although there are two modes of payment of taxes – physically and electronically, still the following persons cannot use the physical mode of payment of tax and haveSEE DETAILS

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So, you’ve filed your return before the due date? Great!But have you verified your return? If not, then do it now because not verifying your Income Tax Return (ITR) is as good as not filing ITR because further processing of the same cannot be done by the IT Department. You can verify your ITR both manually (sending ITR-V to CPC Bangalore) and electronically (E-Verification)How’s it done manually?When you file your ITR, you receive ITR-V on your registered email. To manually verify, you need to send your ITR-V to CPC BangaloreSEE DETAILS

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Have you ever been petrified at the sight of an income tax notice in your name!! It will come as a relief to you that not all notices are meant to scare you. There is a reason for every notice to be issued by the income tax department (“department”). Some notices give you information [like an intimation under section 143(1)], some warrant information from your end [inquiry under 142(1)]and some communicate that an audit is required by the tax department with respect to the income position declared in your incomeSEE DETAILS

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Off lately, the Income Tax Department has been issuing a huge number of Income Tax Notices to the taxpayers owing to the digitalization of the process of income tax return filing and payment of tax. The data processing has become easy and fast, and even a slight mistake in your return can fetch you an Income Tax Notice. But, don’t freak out, everything has a solution!When you receive an Income Tax Notice, the first thing to be taken care of is that the notice is in your name and PAN.SEE DETAILS

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Are you the one who works really hard but then something at the end doesn’t really works out? The one who wants everything to be just perfect but in the end forgets something? If you mess up each time, and this time it’s about taxes, you are at the right place! If you haven’t filed your itr in time this year, remember it’s never too late to do what you should. *Hopes Alive*Technically, as per the Income Tax Law, a person whose income exceeds the prescribed basic exemption limit, isSEE DETAILS

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Season of income tax returns has commenced. You need to show  your Income to Income Tax Authorities on or before 31st July. By now, you must have received Form-16 and an instruction to file itr as soon as possible from HR Managers. But before you start with filing process, let’s look upon the common mistakes that people usually commit at the time of filing returns:Not reporting interest from Saving bank accounts, Fixed deposits etc. – Interest earned on saving bank account balances or on fixed deposits should be duly reported inSEE DETAILS

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  1. When and how taxability arises under this head? If you sell any specified asset to another person, then the profits arising from such sale are taxable under this head.  Some of the specified assets can be outlined as below: Property [e.g. House, plot, building etc.] Jewellery, archaeological collections, drawings, paintings, sculptures & any work of art Agricultural land situated in urban area Shares and securities Stock is not covered under the list of assets. So don’t worry; no capital gains arise on transfer of stock-in-trade. There are differentSEE DETAILS

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